4 ms·
Closer relations with China. Reverse on immigration. US attracts/accepts more foreign workers. Probably a raising dollar and lower stockmarket. The high tax
by wolco2 6y ago
Closer relations with China. Reverse on immigration. US attracts/accepts more foreign workers. Probably a raising dollar and lower stockmarket. The high taxes might see some flee high tax states/regions (living in New York city making 400k will cost you 60%+ of income tax) to lower cost states or out of country or remote.
Overall remote work should increase with a different lockdown tone at the federal level creating uncertainy in commercial real estate.
- bradlys 6y agoYou won’t see 60% income tax on 400k. That would require an additional 10%+ new income tax (which no one is asking on a 400k income). Even then, you’d not lose 60% of your income. You’d lose around 35%-40% to taxes still because of how tax brackets work.
- wolco2 6y agoAnything after 400k would be taxed at that rate, 62%. "In California, New Jersey and New York City, taxpayers earning more than $400,000 a year could face combined state and local statutory income tax rates of more than 60%" https://www.google.com/amp/s/www.cnbc.com/amp/2020/10/19/tax-rates-could-top-60percent-und.html https://www.google.com/amp/s/www.cnbc.com/amp/2020/10/19/tax... The question is how does this affect many FAANG employees? Is a move out of state an option?
- tiziniano 6y agoIt is an option, but remember something that the Democrat party was talking about in 2016... a global tax. Prediction, that will make a big comeback under Biden